Hyundai chairman jailed for three years for embezzlement

The chairman of Hyundai Motor Company was sentenced to three years in jail today for embezzling funds from the world’s sixth largest carmaker.

Chung Mong-koo, 68, was convicted last month of setting up an illegal slush fund and spending 70 billion won (£38 million) of company money on private purchases and paying political lobbyists to secure government favours.

This morning Judge Kim Dong-oh said his Mr Chung’s actions were “clearly criminal acts” that “greatly undermined” South Korea’s business culture.

But the judge rejected calls from prosecutors for Mr Chung be sentenced to six years in jail, noting that he deserved a more lenient sentence because of his “big contributions to the development of the country’s economy”.